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Exhibit
10.196
SUBORDINATED PROMISSORY
NOTE
$300,000.00 Dated:
September 10, 2007
FOR VALUE RECEIVED,
Biovest International, Inc. , a Delaware corporation
(“Borrower”) promises to pay to the order of Philip
E. Rosensweig (“Lender”), the principal sum of
Three Hundred Thousand Dollars ($300,000.00). This Unsecured
Promissory Note is created pursuant to the Subordinated Note
Purchase Agreement dated September 10, 2007 between Lender and
Borrower.
INTEREST: There shall
be no interest accrued or paid on any sums due pursuant to this
Note. Notwithstanding the foregoing, in the event of a Default as
defined herein the outstanding balance due pursuant to this Note
shall bear interest at the rate of 18% per annum commencing on
the date of Default.
SUBORDINATION : The
obligations pursuant to this Subordinated Promissory Note shall be
subordinated to the interests of the senior secured creditors of
Borrower, Laurus Master Fund, Ltd. and Accentia Biopharmaceuticals,
Inc.
MATURITY: The entire
principal balance of this Note shall be due and payable in full one
year from the date of this Note. There shall be no penalty for
early repayment of all or
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